in a stick frame market and one of the cheapest markets to build we build with margin at $190 or so a square foot. that will go up over time about 5% or 10% a year to keep up with new build price increases. we are buidling a 3 story walk up and source some of the lowest priced crews.

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

I realizing the duplex conversion strategy is more complex I probably wouldn't try it on my first property, just want to get a sense of what's possible in the Chattanooga market :) Thanks!

Let's say you paid $250k for it, and it's now market value $500k.

Chicago, with its vibrant neighborhoods and strong rental market, is a prime location for this strategy.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

For all methods you would want to find a market that has strong employment rates, strong income rates for the market, and is a growing or an established market. 

Educate yourself with books, podcasts, and market research, define your goals, and build a team of professionals to support your journey.

We listed strategically and were under contract in 2 weeks in the slowest part of the year (December) whereas all the other similar homes in the neighborhood have been sitting for months and still sitting on the market. 

We own SFHs in Columbia SC and like that market.